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How Do Student Loans Impact Your Credit Score?

Investing in a college education can be a worthwhile pursuit, leading to more job opportunities and increased compensation over your life cycle. But if you mismanage student loan debt, your credit could suffer. Poor credit is guaranteed to negatively impact your financial future. Your credit is comprised of a credit report, and a credit score. Your credit report is

Variable or Fixed Rate Student Loans: Which Should You Choose?

If you have outstanding student loans, one way to reduce the amount of interest paid is through refinancing at a lower interest rate. If your current student loan balance is $10,000 at a fixed annual interest rate of 6.8%, you will pay about $680 per year in interest (depending on the compounding period). If you can refinance your

Do You Like Donald Trump’s Plan for Student Loan Debt?

President Donald Trump recently proposed a new plan to handle student loan debt. Under his plan, the government would cap monthly payments at 12.5% of the borrower’s discretionary income. If the borrower makes timely payments for 15 years, the government would forgive any remaining loan balance. Trump’s plan would consolidate the current repayment programs in place, resulting in a

Should You Refinance Your Student Loans?

Vanessa and I both had student loans after graduating, and we fought hard to pay those loans off. We didn’t refinance or consolidate our student loans, because we put 100% of our available income toward repayment. This allowed us to knock out nearly $30,000 in student loan debt within our first year of marriage. Our personal plan won’t

Should You Consolidate Your Student Loans?

With regard to student loans, many people use the terms refinance and consolidate interchangeably. They are not the same thing. Refinancing involves taking out a new private loan to replace one or more existing student loans (federal or private). Most individuals refinance to obtain a lower interest rate loan. Consolidating a student loan is a process

Which Student Loan Repayment Plan is the Best Option for You?

Student loan debt has become a struggle for many Americans. The total debt outstanding is nearly $1.5 Trillion, and more than seven million borrowers are in default. Millions more are behind on payments, or unable to make more than the minimum monthly payment. For those with outstanding student loan debt, there are several options that might

Republic Wireless Review – New Phones and Better Service

March, 2017 updates: Republic is offering discounts on the Moto G (4th Edition). All varieties are $20 off for a limited time, bringing the Moto G4 Play to $129. Original Republic Wireless Review: I first reviewed Republic Wireless two years ago when my parents were looking for a new carrier. I then wrote about the service again after

Should You Invest or Pay Off Your Debt?

A close friend of mine asked me the following question: “My wife and I both have some student loan debt and a mortgage, but we would like to begin investing. Should I prioritize paying down the debt, or investing?” This is a common question, and many blog readers struggle with making a similar decision. My

TradeKing Review – One of the Best Brokers in 2016

TradeKing is a discount online broker, allowing self-directed investors to buy and sell stocks, options, bonds and mutual funds via electronic trading platform or by phone. Since 2005, the firm has offered investors low-cost commissions and quality customer service. Amid countless other brokerage firms, TradeKing continues to improve and evolve. In recent years, they have done the following: Improved overall

Creative Strategies to Pay Off Debt Quickly

Any type of high-interest consumer debt is detrimental to your financial success and overall well-being. The ongoing interest and fees can destroy your ability to manage monthly cash flows and prevent you from reaching your most important financial goals. Furthermore, research has shown that debt can lead to numerous health problems. If you are currently in